Global Finasteride Industry Estimated To Expand At A Robust CAGR Over 2031

Finasteride is considered as an oral medication used in the treatment of benign prostate hyperplasia (BPH) caused due to enlargement of the prostate in men. Benign prostate hyperplasia in men creates urination difficulties for which finasteride is used. The drug also helps in reducing the chances for prostate surgery alone or in combination with other drugs. Finasteride also provides the benefit of preventing hair loss caused due to benign prostate hyperplasia and increases the number of hair on the scalp. According to the Asian Journal of Urology, the prevalence rate of benign prostate hyperplasia increases with age after 40 years and varies from 8% – 60% at the age of 90 years. Genetics and changing lifestyle patterns are expected to have a significant impact on global finasteride market growth in the coming decade.

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How is the Rising Geriatric Population Reshaping the Global Finasteride Market?

There has been a significant increase in geriatric population over a decade. This increase of geriatric population has led to the increase of consumer spending over geriatric population and is expected to boost global finasteride market growth. According to the United Nations, there will be twice the geriatric population that exist currently over the next four decades. On the other hand, Italy accounts for 21.7% of the population over the age of 65 years from the total population. According to the British Association of Urological Surgeons Limited (BAUS), the prevalence rate of benign prostate hyperplasia is estimated to be 42% for men aged 51 to 60 years, 71% for men aged 61 to 70 years and 82% for men aged 71 to 80 years in U.K.

What are the Key Challenges that may Restrain Growth of the Global Finasteride market?

In the next ten years, the growth of the global finasteride market is anticipated to be constrained by a lack of general public awareness of the various treatment options for benign prostate hyperplasia. While one of the challenges for the global finasteride market is the lower purchasing power of the population in places like the Middle East and Africa.

The development of the global finasteride market is anticipated to be negatively impacted by alternative therapeutic options like minimally invasive and surgical procedures. Pricing restrictions are anticipated to affect the finasteride market as generic drugs increasingly enter the market.

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Competitive Landscape

Key players such as

  • Merck and Company
  • Novartis International AG
  • Teva Pharmaceuticals Limited
  • Dr Reddy’s
  • RelconChem Limited
  • Actavis Pharmaceutical Company
  • Cipla Ltd.
  • Accord Pharmaceuticals
  • Henan Topfond
  • Zhejiang CONBA Pharmaceutical
  • Guangdong Eashu Pharmaceutical
  • Shandong Renheteng Pharmaceutical
  • And others are actively involved in offering finasteride for different applications.

What strategies are the Key Players adopting for Increasing their Market Share in the Global finasteride market?

Key players in finasteride market are adapting various strategies like product portfolio expansion to increase their revenue share. Whereas, on the other hand, there has been increase of mergers and acquisitions among the leading players and clinical-stage development bio-pharmaceuticals resulting into finasteride market expansion. Several strategies like marketing strategies, product strategy and distribution strategies are focus areas of finasteride market players.

  • In August 2020, Mylan N.V. launched the generic version of Merck’s Propecia into the U.S. market after receiving approval from the U.S. Food and Drug Administration (FDA) for treatment of male pattern hair loss.
  • In January 2021, Veru Inc. an oncology biopharmaceutical company has announced on advancing a new drug formulation involving Tadalafil and Finasteride Combination in its product pipeline keen to address the unmet medical needs in the department of urology.

Key Segments of Global Finasteride Market Covered in the Report

Based on drug dose, the Global Finasteride Market has been segmented as

  • 1 mg
  • 5 mg

Based on the indication, the Global Finasteride Market has been segmented as

  • Benign Prostatic Hyperplasia (BPH)
  • Male Pattern Baldness
  • Hormone Replacement Therapy

Based on the distribution channel, the Global Finasteride Market has been segmented as

  • Institutional Sales
    • Hospitals
    • Speciality Clinics
    • Research Institutes
  • Retail Sales
    • Retail Pharmacies
    • Online Pharmacies

Based on the region, the Global Finasteride Market has been segmented as

  • North America
  • Latin America
  • Europe
  • South Asia
  • East Asia
  • Oceania
  • Middle East & Africa

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